Johnston Press plc. (JPR.L) announced 360.0 million pounds capital refinancing plan, which comprised five components.
The company will raise gross proceeds of approximately 2.3 million pounds through a Placing of 13.68 million New Placing Shares at a Placing Price of 17.0 pence per New Placing Share; It will raise gross proceeds of approximately 137.7 million pounds through the issue of 4.59 billion New Ordinary Shares at 3.0 pence per Rights Issue Share by way of a Rights Issue.
The company will also raise gross proceeds of approximately 220.0 million pounds through the issue of the New Bonds, comprising senior secured fixed rate bonds to be issued by the New Bonds Issuer, which are expected to mature in 2019.
The firm said it will enter into a 25 million pounds New Revolving Credit Facility, which is expected to mature in 2018; and will revise the schedule of pension contributions, modifications to the funding arrangements and associated matters pursuant to the Framework Agreement.
As a result of the Capital Refinancing Plan, the Existing Lending Facilities and the Private Placement Notes will be repaid and redeemed in full and, respectively, cancelled and the Framework Agreement will be entered into with the Plan Trustees, the company noted.
The Capital Refinancing Plan is subject to the approval by Johnston Press' shareholders at a general meeting to be held at Ashurst LLP, Broadwalk House, 5 Appold Street, London EC2A 2HA at 9.00 a.m. on 27 May 2014.
In a separate press release, Johnston Press issued its Interim Management Statement which has been drawn up for the 17 weeks to 26 April 2014. The Group has continued to build on the good progress achieved in 2013, with continued strong growth in digital revenues, as well as a slowing decline in print advertising revenues compared to the equivalent period in 2013. As a result, adjusted Group revenues for the 17 weeks to April 2014 recorded a mid-single digit rate of decline over the same period last year.
Although the economic outlook is not without challenges, the Group said it continues to see momentum in the business, underpinned by the re-structuring and re-focusing of the business and an increasingly stable advertising market. The Group remains focused on adapting the business to the changing environment in which the Group operates.
separtely, Sky and Johnston Press announce that they have entered into a ground-breaking strategic regional advertising partnership.
Under the terms of the agreement, Sky will make available its new product, Sky AdSmart local, to parts of Johnston Press' extensive sales network.
Johnston Press is UK-based local media company and has a significant, established existing customer base of small and medium-sized enterprises. From June, local companies will be able to create and deliver powerful advertising campaigns that combine its extensive range of regional print titles and digital platforms with the use of Sky AdSmart local to create TV advertising focused on specific local markets.
The partnership will begin with two markets: the first of these covers Nottingham, Derby and Sheffield; and the second, Milton Keynes, Northampton and Peterborough. The Sky AdSmart team will work with Johnston Press' 1,600-strong advertising sales force to initially deliver campaigns across these markets.
Sky has also today conditionally agreed to subscribe for 13,676,149 new ordinary shares in Johnston Press at the placing price of 17 pence per share and to taking up the rights associated with the Placing Shares for which it has subscribed in Johnston Press' rights issue. The total investment to be made by Sky under the placing and the rights issue will be approximately 5 million pounds.
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